Dreyfus Equity Income Fund

Portfolio Manager/Sub-Investment Adviser

The fund's investment adviser is The Dreyfus Corporation (Dreyfus). Investment decisions for the fund are made by the Active Equity Team of Mellon Capital Management Corporation (Mellon Capital), an affiliate of Dreyfus. The team members are C. Wesley Boggs, Warren Chiang, CFA, and Ronald Gala, CFA, each of whom is a portfolio manager of the fund. The team has managed the fund since May 2011. Mr. Boggs is a vice president and senior portfolio manager at Mellon Capital. Mr. Chiang is a managing director of active equity strategies at Mellon Capital. Mr. Gala is a managing director and senior portfolio manager at Mellon Capital. Each member of the team is also an employee of Dreyfus.

Risk Measures

Investors should consider the investment objectives, risks, charges, and expenses of the fund carefully before investing. Download a prospectus, or a summary prospectus, if available, that contains this and other information about the fund, and read it carefully before investing.

Notes & Disclosures

Portfolio composition and allocation is as of 01/31/15 and is subject to change at any time. Totals may not be exact due to rounding. Negative exposures may represent short positions through derivatives.

The holdings listed should not be considered recommendations to buy or sell a security. Large concentrations can increase share price volatility.

Price/earnings for a stock is the ratio of the company's most recent month-end share price to the company's estimated earnings per share (EPS) for the current fiscal year. If a third-party estimate for the current year EPS is not available, Morningstar will calculate an internal estimate based on the most recently reported EPS and average historical earnings growth rates. Price/ earnings is one of the five value factors used to calculate the Morningstar Style Box. For portfolios, this historical P/E data point is calculated by taking an asset-weighted average of the earnings yields (E/P) of all the stocks in the portfolio and then taking the reciprocal of the result. Source: Morningstar

Reflects the percentage of a fund's movements that can be explained by movements in a particular benchmark. An R-squared of 100 indicates fund movements that are perfectly correlated to those of the benchmark. In order to compare funds across general asset classes, Morningstar calculates R-squared values relative to a "standard" broad-based market index. For example, the R-squared of both a small cap, domestic equity fund and a domestic technology fund would be determined against the S&P 500 Index. Thus, the "standard" broad-based market index used by Morningstar may differ from the fund's actual benchmark stated in this factsheet. Source: Morningstar

Beta is a measure of the systematic risk of a stock or a portfolio and is an indicator of expected return. A beta higher than 1.0 has higher risk than the overall market has and thus the stock or portfolio can be expected to perform in relation to the overall market in that way.

A statistical measurement of dispersion around an average which depicts how widely fund returns varied over a certain period of time. Source: Morningstar